Economy

Axis Bank launches Aadhaar-based eKYC facility for rural banking

Axis Bank has started an eKYC (know your customer) facility for account openings by business correspondents in rural areas, and aims to open 1 lakh such accounts over the next three months to drive its financial inclusion programme. The facility, which uses the Aadhar database, will enable a bank account to be opened within 24 hours as against the 7-15 ... Read More »

Interim Budget 2014: Chidambaram woos education loan borrowers

With the general elections due in a couple of months, Finance Minister P. Chidambaram tried to endear himself to the families that have availed of educational loans from banks. Presenting the Interim Budget for 2014-15 in the Lok Sabha on Monday, Chidambaram announced a moratorium period for all education loans taken up to March 31, 2009, and outstandings as of ... Read More »

HDFC Bank launches toll-free banking service

Private-sector lender HDFC Bank has launched its toll-free banking service which will help customers in carrying out six basic banking transactions just by dialling the numbers. Customers will receive an instant SMS with the information requested including mini statement and balance enquiry on their registered mobile number, said Nitin Chugh, HDFC Bank head (digital banking). Besides, other four services requests ... Read More »

United Bank, Canara Bank revise interest rates

Public sector lenders United Bank of India (UBI) and Canara Bank have revised interest rates. While UBI increased lending rates and cut interest on deposits, Canara Bank raised fixed deposit rates across maturities. UBI increased the base rate, or minimum lending rate, to 10.50 per cent from 10.25 per cent with effect from Thursday, according to a Bombay Stock Exchange ... Read More »

Croma adapts to the new age

Over the past year, Croma, the large format retail chain for consumer durables and infotech (CDIT), which turns 10 next year has found itself on the brink of a maelstrom; the growing dominance of e-commerce is driving shoppers online while the rising clout of rivals such as Reliance Digital is gnawing away its share of the brick-and-mortar sales pie. Reliance ... Read More »

Instant coffee gets a new player

The Rs 7,833-crore Tata Global Beverages (TGB), the beverage arm of the nearly $110-billion (or Rs 7 lakh crore) Tata group, has stepped into the branded Indian coffee bazaar, in a bid to boost the earnings of its coffee division. Its brand, Tata Coffee Grand, which is pre-selling on Amazon India currently, is expected to help the company entrench itself ... Read More »

From penny stock to investors’ delight: Symphony’s turnaround story

The journey has been far from smooth. After the initial success, (it was launched around 1988) post which the company decided to go public in 1994, it was all downhill. Symphony hit rock bottom when it listed with the Board of Industrial and Financial Reconstruction (BIFR) in 2002. Debt had climbed up to Rs 26 crore and share price had ... Read More »

RBI appoints 3 NBFCs for setting up of white label ATMs

Reserve Bank has authorised three non-banking entities for setting up white label ATMs with a view to increase financial inclusion. Certificates of authorisation has been issued to BTI Payments Pvt Ltd, Srei Infrastructure Finance Ltd, and RiddiSiddhi Bullions Ltd, RBI said in a statement on Tuesday. Most of the ATMs belong to banks, but the cash dispensing machines which are ... Read More »

RBI cautions public against fake website

The Reserve Bank on Monday cautioned the public not to fall prey to spurious offers made by a fake website in its name offering savings accounts. “It has come to the notice of the RBI today that a fake website has been created at http://www.rbi-inonline.org/savings.html by some unknown persons offering various banking facilities and asking members of public to apply ... Read More »

RBI report on credit information to benefit customers, industry: Experian MD

The recent recommendations by a Reserve Bank of India (RBI) committee on credit information companies will benefit both customers and the financial services industry, says Mohan Jayaraman, Managing Director, Experian Credit Information Company of India. “The recommendations around the consumer-centric points are to make things a little more transparent and processes a little easier for the consumer,” Jayaraman, also the ... Read More »